Vista Gold working to begin Mount Todd design in 2027

Executive Summary

• Vista Gold Corp. has outlined a pathway to initiate detailed engineering and design for its Mount Todd gold project by early 2027, which will trigger a 27-month design, construction, and commissioning process.
• The company is prioritizing the completion of recommendations from the July 2025 Feasibility Study (FS), including obtaining permit modifications, building an Australian-based corporate team, and conducting geotechnical and metallurgical drilling.
• CEO Frederick Earnest highlighted the strong economic case supported by the 2025 FS and current gold prices, while noting ongoing consideration of joint venture opportunities to accelerate development.

Key Details

• Engineering Timeline: Target to start detailed engineering and design by early 2027.
• Construction Schedule: The detailed engineering phase is expected to initiate a 27-month design, construction, and commissioning process.
• Feasibility Study Context: The July 2025 Feasibility Study demonstrated the potential for near-term development of a smaller initial project by prioritizing higher-grade ore, significantly lowering initial capital costs, and incorporating contractors to reduce risks.
• 2026 Strategic Priorities:
  • Permitting: Obtaining permit modifications to align existing approved permits with the 2025 FS. Some modifications have been submitted, with others to follow in the coming weeks. Approval of all modifications is anticipated by the end of the current year.
  • Corporate Structure: Expanding corporate capability by building an Australia-based team with experience in project development, operations, technical, social performance, finance, legal, and permitting/compliance.
  • FS Recommendations: Completing recommendations from the 2025 FS to provide key inputs for detailed engineering.
• Technical Activities:
  • Drilling for core for selective metallurgical testing to confirm optimal grind size, gold recoveries, and grinding equipment sizing has recently been completed.
  • A review of geotechnical data is underway.
  • Potential geotechnical drilling on the western side of the Batman pit is being considered to steepen pit walls (reducing stripping) or convert resources below the designed pit bottom to ore reserves.
• Strategic Alternatives: The company will continue to consider joint venture (JV) opportunities and other alternatives to deliver shareholder value.

Notable Quotes

• "Our opportunity to realize an uplift in value by advancing development of Mount Todd has never been greater. The 2025 FS outlines an excellent case for development and is further supported by continuing strength in the gold price. We are taking steps to ensure that development can proceed in an orderly and efficient manner and believe we will be in the position to initiate detailed engineering by early 2027. As we advance toward the start of detailed engineering, we will continue to give appropriate consideration to JV [joint venture] opportunities and other alternatives with the potential to deliver shareholder value." — Frederick H. Earnest, President and CEO